FAQs

How long does it take to recast my mortgage and lower my monthly payment?

A mortgage recast typically takes up to 6 weeks to complete once we have successfully received both your lump-sum principal payment and the $250 processing fee.

Important Payment Requirements During Processing: To avoid delays or cancellation of your recast, please keep the following in mind:

• Stay Current: Your loan must remain completely current throughout the entire 6-week processing period. Do not stop or reduce your regular monthly payments.
• Pending Payments: Your current month’s regular payment must be paid and applied before the recast process can begin. Depending on the date you submit your request, your next month’s payment may also be required at the original amount.

Example: If we receive your lump-sum payment and fee on June 25th, your standard June payment must already be paid. Because the process takes up to 6 weeks, you will also be required to make your regular July payment in full before the new, lower recast payment takes effect.